Trust Preferred Equity definition

Trust Preferred Equity means any preferred equity interest (and related note) issued by the Trust (or a subsidiary trust created to issue such securities) (a) which has a minimum remaining term of not less than five (5) years (b) which is unsecured and which is not guaranteed by any other Person, (c) which imposes no financial or negative covenants (or other covenants, representations or defaults which have the same practical effect thereof) on the Trust, the Company or their respective Subsidiaries, (d) pursuant to which all claims and liabilities of the Trust, the Company and their respective Subsidiaries with respect thereto are subordinate to the payment of the Obligations of the Company, the Trust and their respective Subsidiaries on terms acceptable to the Required Holders, and as to which subordination provisions the holders of the Notes shall be third party beneficiaries and (e) which provides that, upon the non-payment of the note and any dividends or other distributions that are required to be paid or made with respect thereto, the only available remedies to the holders thereof or any trustee or agent acting on their behalf are (x) the assumption of one or more seats on the Board of the Trust and/or (y) the blockage of (A) payments of any dividends or other distributions to the holders of the common shares of the Trust or other securities ranking on a parity with or subordinate to such Trust Preferred Equity, or (B) payments of amounts in redemption of or to repurchase common shares of the Trust or other securities ranking on a parity with or subordinate to such Trust Preferred Equity.
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Trust Preferred Equity means any Indebtedness of the Company, the Parent Guarantor and any of their Subsidiaries which (i) has an original maturity of not less than thirty (30) years, (ii) is not putable to any of the Company, the Parent Guarantor and any of their Subsidiaries, (iii) is non amortizing and provides for payment of interest only not more often than quarterly, (iv) imposes no financial covenants on the Company, the Parent Guarantor or their respective Subsidiaries, and (v) is subordinated to the obligations of the Company and the Guarantors under this Agreement on such terms as are reasonably acceptable to the Required Holders.
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Trust Preferred Equity means any preferred equity interest (and related note) issued by the REIT (or a subsidiary trust created to issue such securities) (a) which has a minimum remaining term of not less than five (5) years, (b) which is unsecured and which is not guaranteed by any other Person, (c) which imposes no financial or negative covenants (or other covenants, representations or defaults which have the same practical effect thereof) on the REIT, the Borrower or their respective Subsidiaries, (d) pursuant to which all claims and liabilities of the REIT, Borrower and its Subsidiary with respect thereto are subordinate to the payment of the Obligations of the Borrower, the REIT and their respective Subsidiaries on terms acceptable to the Administrative Agent in its reasonable discretion, and as to which subordination provisions the Administrative Agent and the Lenders shall be third party beneficiaries, (e) which provides that, upon the non-payment of the note and any dividends or other distributions that are required to be paid or made with respect thereto, the only available remedies to the holders thereof or any trustee or agent acting on their behalf are (x) the assumption of one or more seats on the board of directors or trustees of the REIT and/or (y) the blockage of (A) payments of any dividends or other distributions to the holders of the common shares of the REIT or other securities ranking on a parity with or subordinate to such Trust Preferred Equity, or (B) payments of amounts in redemption of or to repurchase common shares of the REIT or other securities ranking on a parity with or subordinate to such Trust Preferred Equity, and (f) which does not violate the terms of Section 6.30.
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Examples of Trust Preferred Equity in a sentence

  • Any form of preferred stock or partnership interest (whether perpetual, convertible or otherwise) or other ownership or beneficial interest in the Trust or any Subsidiary of the Trust (including any Trust Preferred Equity) that entitles the holders thereof to preferential payment or distribution priority with respect to dividends, distributions, assets or other payments over the holders of any other stock, partnership interest or other ownership or beneficial interest in such Person.

  • Consolidated Total Liabilities shall not include Trust Preferred Equity or Subordinated Debt.

  • The Borrower and the Trust will not make or permit any amendment or modification to the indenture, note or other agreements evidencing or governing any Trust Preferred Equity or Subordinated Debt without Agent’s prior written approval, or directly or indirectly pay, prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire any Trust Preferred Equity or Subordinated Debt.

  • Preferred Securities shall include any Trust Preferred Equity but shall exclude any Senior Common Stock.

  • Consolidated Total Indebtedness shall not include Trust Preferred Equity or Mandatorily Redeemable Stock.

  • Interest Expense shall not include Preferred Distributions or interest on Trust Preferred Equity.

  • The Borrower and the Trust shall not permit the Trust Preferred Equity and Subordinated Debt to exceed in the aggregate $150,000,000 (provided that to the extent any such Trust Preferred Equity and Subordinated Debt exceeds such limit, such excess shall be considered Indebtedness for the purposes of this Agreement).

  • The Borrower and the Trust shall not permit (a) the Trust Preferred Equity to exceed $50,000,000.00, or (b) the sum of the Trust Preferred Equity and Subordinated Debt to exceed in the aggregate $150,000,000 (provided that to the extent any such Trust Preferred Equity and Subordinated Debt exceeds such limits, such excess shall be considered Indebtedness for the purposes of this Agreement).

  • The Borrower will not at any time permit its Consolidated Tangible Net Worth to be less than the sum of $320,000,000, plus eighty percent (80%) of the sum of (a) Net Offering Proceeds plus (b) the value of units in the Borrower or shares in Parent issued upon the contribution of assets to Borrower or its Subsidiaries plus (c) the amount of any Trust Preferred Equity issued plus (d) proceeds from any convertible debt of Borrower or any Guarantor.

  • The Borrower and the Parent shall not permit the Trust Preferred Equity to exceed in the aggregate the greater of (a) ten percent (10%) of Consolidated Total Asset Value and (b) $60,000,000 (provided that to the extent any such Trust Preferred Equity exceeds such limit, such excess shall be considered Indebtedness, and interest paid thereon shall be considered Interest Expense, for the purposes of this Agreement).

Related to Trust Preferred Equity

  • Trust Preferred Securities has the meaning specified in the Recitals.

  • Preferred Equity as applied to the Equity Interests of any Person, means Equity Interests of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to any shares (or other interests) of other Equity Interests of such Person, and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Equity Interests.

  • Preferred Equity Interest in any Person, means an Equity Interest of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over Equity Interests of any other class in such Person.

  • Equity Preferred Securities means, with respect to any Person, any trust preferred securities or deferrable interest subordinated debt securities issued by such Person or other financing vehicle of such Person that (i) have an original maturity of at least twenty years, and (ii) require no repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to the first anniversary of the latest Maturity Date.

  • Preferred Equity Interests means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.